The Federal Trade Commission has always had to listen to consumers complain. A few years back, those complaints rose to a roar when consumers who were responding to an ad for a free credit report found themselves enrolled in a monthly service. The FTC stepped in and amended the Fair Credit Reporting Act to require each of the three national consumer reporting companies - Equifax, Experian, and TransUnion - to provide each consumer with a free credit report every 12 months.
There are many websites that advertise free credit reports if you agree to test out their services. The only place online where you can find a truly free credit report is the American government's website, www.annualcreditreport.com. You can apply for you free credit report online, by phone, or by mail.
Not everyone takes advantage of the free credit reports that are available to them. Some people don't want to take the time while others may not even know about the service. The only hitch to these free reports is that you have to take the time to request them.
The best way to use the free credit reports to track your history is to order one ever four months. You will stay up to date, and you will notice any unusual accounts that you didn't open. Because each company has to give you one free report every twelve months, you can spread out the reports between them and never have to pay.
Keep in mind, however, that these credit report agencies are not going to send you a free credit report without at least trying to get you to spend some money on other services that they offer to consumers. They will offer you such non-essential services as monthly credit monitoring and a credit score.
Knowing your credit score is not necessary if all you want to do is check on your credit history. It is good to know, however, if you are interested in applying for a loan sometime soon. If your credit score shows up low for some reason, you will be able to prepare an explanation to the loan officer that you will speak to regarding why your credit score was low and what you have done to change your financial situation.
Credit watch services can also be beneficial to some people. For example, if you are concerned that your current or former spouse is causing damage to your credit score or if you are worried that your identity will be stolen, credit watch services will help you stay aware of what is happening with your credit.
There really are free credit reports available to you right now. The centralized annualcreditreport.com will give you the information that you need at a price anyone can afford.
About the Author:
Debt consolidation can help you pay off debt faster but it's not right for everyone. Find out more about when you should and shouldn't consider consolidating your debt on the Inside Debt Consolidation website at http://www.insidedebtconsolidation.com
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